The Fed's FOMC meeting begins Tuesday and will conclude Wednesday, Sept. 20, with an announcement on interest rates and a press conference led by chairwoman Janet Yellen.
Looking ahead he said tomorrow's balance of payments data is unlikely to move the market but the gross domestic product figures on Thursday will be more closely watched.
Many Fed watchers have expressed their belief that Yellen has performed well and deserves a second term as chair.
That action will start a gradual reversal of the three rounds of quantitative easing, or bond buying, the Fed pursued between 2008 and 2014 to stimulate economic growth after the 2007-2009 financial crisis and recession.
If the focus is on the repurchase of short-term assets, that would likely push the long end of the yield curve higher, driving investors' attention also to shares of banks, which would theoretically make more money with the help of higher net interest margins, said Morganlander.
The dollar had weakened against yen ahead of US President Donald Trump's speech before the United Nations General Assembly. Australia's S&P/ASX 200 edged up almost 0.1 percent to 5,724.70. US home construction slowed in July as builders started fewer apartment complexes, causing housing starts to tumble to a three-month low.
Last week, the Standard & Poor's 500 Index climbed 1.6 percent, the Dow Jones Industrial Average rallied 2.2 percent, while the Nasdaq Composite Index gained 1.4 percent.
"It's not a really big move to the upside, (but) stocks still look attractive relative to other investments", Hellwig said. Wall Street was poised for a similarly flat opening with Dow futures and the broader S&P 500 futures unchanged.
The pan-European FTSEurofirst 300 index rose 0.08 percent and MSCI's gauge of stocks across the globe gained 0.15 percent. It was also up 21.2 percent since the start of the year.
"With the latest missile test we really didn't see much of a market footprint at all", Todd Elmer, Citigroup's head of G10 forex strategy for Asia ex-Japan, told Bloomberg Television.
The biggest US telephone operators, Verizon (VZ.N) and AT&T (T.N), rose more than 2 percent, providing the second- and third-biggest individual stock boosts for the S&P.
Oil prices flirted with multi-month highs, despite a rise in US crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts, ahead of the planned meeting between OPEC and non-OPEC nations on Friday. The oil refineries in the Gulf of Mexico are restoring their activities after Harvey and Irma hit the hurricanes in the last few weeks.
In emerging markets, the Mexican peso fell 0.3 percent to 17.8125 peso per US dollar following reports of extensive damage to buildings in Mexico City in the aftermath of the second major quake that rocked that country in less than two weeks.